What other retailers have been reluctant to concede: E-commerce isn’t as profitable as brick-and-mortar stores. #retail #leadership
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Michael Kors just admitted what other retailers have been reluctant to concede: E-commerce isn’t as profitable as brick-and-mortar stores.
Source Bloomberg Gadfly: Michael Kors and E-Commerce Reality
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I’ve started thinking more and more about the application of “Design Thinking” to develop retail customer experiences. So what’s Design Thinking. Introduced at Stanford’s d.school, Design Thinking is an action bias approach to driving innovation. Given the transformative times retail is in, new approaches to unearthing meaningful value for customers is paramount for every retailer. Design Thinking gives you an approach to getting to that meaningful value. It starts with empathizing with the user, truly understand not only the user interactions but also what they are thinking, seeking an emotional place for the user. Then define the deeply your understanding of the problem. Note any and all observations, both those explicitly stated needs and those now understood insights. Now brainstorm solutions, pushing for quantity over quality at this time. This ideation should proceed without shame, no idea is a bad idea at this stage. Logical group the ideas, and then go through and select 2 to 5 ideas to prototype. Then test with your users, learning fast not being wedded to anyone idea. During this process, never forget the empathy you gained in the beginning, it should guide you through the hole process…What’s going to delight the customer.